28 July 2021 Afternoon Session Analysis
Bears overtook AUD despite upbeat data.
Australian dollar depreciated against the US dollar despite positive economic data from the region. For the second quarter, Australia’s Consumer Price Index (CPI) ticked up to 0.8%, higher than previous rate of 0.6% while exceeding economists’ forecast of 0.7%. The uptick in consumer prices suggests that the economy is still on track to achieve Reserve Bank of Australia’s inflation target of 2%. However, the rapid spread of Delta variant coronavirus in Australia have offset the bullish momentum upon Australian dollar. Market sentiment towards the region turned sour after New South Wales recorded its highest daily coronavirus cases on yesterday with 172. In addition, overall sentiment deteriorates further after Queensland announced a four-week extension on its lockdown which may dampen economic recovery momentum. For the time being, investors will continue to scrutinize coronavirus situation in Australia to gauge its trend direction. As of writing, AUD/USD slumped 0.04% to 0.7365.
In the commodities market, crude oil price was up 0.06% to $72.21 per barrel as of writing. Oil price extended its gains amid growing demand as road traffic in Asia rises while air travel resumes its operation at a faster pace. On the other hand, gold price was up 0.1% to $1806.19 a troy ounce due to weaker US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Statement
(29th)
02:00 USD FOMC Press Conference
(29th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | CAD – Core CPI (MoM) (Jun) | 0.40% | 0.40% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 2.108M | – | – |
| 2:00 (29th) | USD – Fed Interest Rate Decision | 0.25% | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.75, 93.25
Support level: 92.00, 91.35
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3740. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3900, 1.3980
Support level: 1.3830, 1.3740
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1850. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1850, 1.1955
Support level: 1.1725, 1.1635
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 110.55.
Resistance level: 110.55, 110.95
Support level: 109.75, 109.05
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7320. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level .
Resistance level: 0.7410, 0.7495
Support level: 0.7320, 0.7240
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7120, 0.7305
Support level: 0.6915, 0.6770
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2535. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2670.
Resistance level: 1.2670, 1.2770
Support level: 1.2535, 1.2440
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9135, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 72.25, 74.80
Support level: 69.85, 68.00
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1813.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1813.05
Resistance level: 1813.05, 1832.25
Support level: 1788.95, 1773.45